Barnegat to Get New Property Tax Reassessments
For as long as anyone can remember, property reassessments in Southern Ocean County and along The Jersey Shore nearly always drove values up. Barnegat is about to undergo another reassessment that will drive home values down.
The new values are scheduled to be in place by February 2011 as the last city-wide adjustment was in October of 2005, the height of the real estate boom.
It's been estimated that local home values have decreased by 18 percent that would allow both sellers and buyers to fairly evaluate the property values. Buyers (and their agents) have already figured out the value of property by looking a comparables. But the new assessment would help sellers to better understand the true value of their home, instead of misleading themselves into thinking that somehow, someway, their house is still worth the same amount as in 2005.
Of course, home owners think there could be a silver lining to the devaluation of their property, like lower taxes. Well, that may be case, but don' t hold your breath. Budgets have already been slashed, so lowering the value of your house may result in an actual increase in the percentage of tax you have to pay.
Property tax, or millage tax, is an ad volarem tax that an owner is required to pay on the value of the property being taxed. Property tax can be defined as "generally, tax imposed by municipalities upon owners of real property within their jurisdiction based on the value of such property." There are three species or types of property: Land, Improvements to Land (immovable man-made objects; i.e., buildings), and Personal (movable man-made objects). Real estate, real property or realty are all terms for the combination of land and improvements. The taxing authority requires and/or performs an appraiser of the monetary value of the property, and tax is assessed in proportion to that value.
The special assessment tax may often be confused with the property tax. These are two distinct forms of taxation: one (ad valorem tax) relies upon the fair market value of the property being taxed for justification, and the other (special assessment) relies upon a special enhancement called a "benefit" for its justification.
As I've already stated, municipal budgets all along The Jersey Shore have already be gutted, so even though your property may be devalued, you'll probably have to pay a higher percentage, though not necessarily a higher amount of taxes.
Karl Hess,Barnegat Your Agent on The Jersey Shore
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